What if I am under 62 & disabled?

The application legally authorizes the lender to begin the application process but the lender cannot incur any costs on your behalf until Step 2 (counseling) is completed. The application is not binding and can be canceled at any point during the process. The application will specify the reverse mortgage fees, interest rates, and loan amounts.

Can someone qualify if they already have a mortgage?

Yes. Where there is sufficient equity a majority of people who take out a reverse mortgage use it to pay off their existing mortgage so they can stop making monthly mortgage payments.

Does everyone over 62 qualify?

Yes.

Any borrower aged 62 or older with a property to refinance or purchase qualifies for a reverse mortgage. Your age determines how much you will qualify for, and the older you are the more you qualify for.

What if there is no equity?

This is called a “shortfall.” This means that the reverse mortgage would not provide enough money to pay off the existing mortgage on the home — it is coming up ”short.” In this situation, some homeowners may choose to make up the difference by paying down the balance on their mortgage by the amount of the shortfall so that they can qualify for the reverse mortgage. The best practice is to speak with a qualified Revers Mortgage Advisor about your own unique situation to determine if there is a program that will meet your goals.

Reverse Mortgage FAQ’s

Info – © 2017 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.”

Reverse Mortgage – Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an up front and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency.